Perth, Australia – 23 July 2024 | Summit Minerals Limited (ASX: SUM) ("Summit" or the "Company") is pleased to announce the commencement of an expanded Light Detection and Ranging ("LiDAR") survey at its 100% owned Equador Niobium and REE Project, which is situated in the Borborema Pegmatitic Province ("BPP") in the northeast of Brazil. This strategic initiative will enhance the mapping of prospective pegmatites in preparation for the Company's upcoming targeted drilling campaign.
Key Highlights:
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Commencement of LiDAR Survey: The LiDAR survey will assist with detailed mapping of the area of the 100% owned Equador Niobium Project, identifying pegmatite occurrences in both low-lying areas and those that may be covered by alluvium.
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Concurrent Ground-Based Exploration: The survey will be conducted concurrently with ongoing exploration activities on the ground, including the current rock chip sample program, which continues to yield encouraging assay results.
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Preparation for Upcoming Drilling Program: The Company is currently focusing on an expedited initial drilling program to validate the Project's quality, with permits for trenching and drilling anticipated to be completed in the next few weeks.
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Funding Fully Secured: Summit is fully funded for its proposed upcoming drilling campaign following its recent capital raise.
The Company has previously completed a Drone Magnetic Survey over the northern section of the property, with interpretation underway. The new LiDAR survey, combined with the expanded magnetic survey, will enhance the ongoing intensive mapping program aimed at identifying additional pegmatite occurrences.
Gower He, Managing Director of Summit Minerals, commented: “With our recent Placement completed and with our experienced team on the ground, we are now well positioned to focus on executing the fast-tracked development of the Equador Niobium and REE Project. The LiDAR surveying will not only save us time and money but will greatly assist in the mapping of prospective pegmatites that will help to guide our upcoming drilling program. We look forward to updating the market on the progress at our Niobium and REE Project over the coming weeks.”
The exploration and sampling program will continue to explore, sample, and map out all new occurrences of pegmatites across the entire project, with the aim of extending the program to the southern borders of the tenement. Assays from numerous sampling sites are pending and will be reported as they become available over the coming weeks and months.
About us:
About Summit Minerals Ltd:
Summit Minerals Limited is an Australian-focused ASX-listed battery mineral exploration Company with a portfolio of projects in demand-driven commodities. It is focused on systematically exploring and developing its projects to delineate multiple JORC-compliant resources. Summit's projects include the niobium, REE and lithium projects in Brazil, Castor Lithium Project in the prolific James Bay District, Quebec, Canada; the Phillips River Lithium Project in Ravensthorpe WA. Through focus, diligence and execution, the board of Summit Minerals is determined to unlock previously unrealised value in our projects.
Contact details:
Jane Morgan
Investor and Media Relations
+61 258 619 317
jm@janemorganmanagement.com.au